Two-Family Home with Finished
New
For Sale
$1,750,000
217 88th Street, Brooklyn, NY 11209
Residential, Brooklyn, NY
Property Size2,640 SF
Lot Size0.06 Acres
Price / SF$662.88
Days on Market1
Property Features for 217 88th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-2
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3
Interior features
Dryer, Laundry Area, Refrigerator, Stove, Washer
Basement
Finished, Full
Subdivision
Bay Ridge
Standard status
Active
Size
2,640 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
13310
Amenities
laundry area
rear yard
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Tile
Building materials
Wood Frame
Roof type
Flat, Asphalt
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Kelly Wu · License #10401268467
(917) 916-2368
Added: Oct 5
Last Checked: Oct 5 at 9:06PM
MLS# 505015
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1925 wood-frame duplex in Brooklyn contains approximately 2,640 square feet across two main levels. Each apartment has three bedrooms, living and dining areas, an updated kitchen, and closet space. The first-floor unit has one full and one half bath; the second-floor unit has one full bath. A finished basement adds a bathroom and laundry area. Separate entrances and gas and electric meters serve the apartments, and the property has a shared driveway and paved rear yard with parking for multiple vehicles.
The 25-by-100-foot lot has a 20-by-66-foot building and R3-2 zoning. Updates completed approximately five years ago included windows, stucco, the driveway, and front and rear yards; the second floor and basement were renovated, and the first floor has newer flooring. The water heater was replaced in 2026. Nearby destinations and services include the 86th Street shopping district, the R train, several bus routes, the Belt Parkway, parks, bike paths, and the Shore Road Promenade. The property is in School District 20.
The 25-by-100-foot lot has a 20-by-66-foot building and R3-2 zoning. Updates completed approximately five years ago included windows, stucco, the driveway, and front and rear yards; the second floor and basement were renovated, and the first floor has newer flooring. The water heater was replaced in 2026. Nearby destinations and services include the 86th Street shopping district, the R train, several bus routes, the Belt Parkway, parks, bike paths, and the Shore Road Promenade. The property is in School District 20.
Key Highlights
- Two apartments, each with 3 bedrooms; approximately 2,640 square feet across the main levels
- 25‑by‑100‑foot lot with a 20‑by‑66‑foot building; R3‑2 zoning
- Separate apartment entrances and separate gas and electric meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,457
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,849,140
$1.8M
Cap Rate 7%
$1,320,814
$1.3M
Cap Rate 9%
$1,027,300
$1.0M
Market Conditions
NOI Build-Up for 2,640 SF
Gross rent
$134.6K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$132.1K $50.03/SF
− OpEx
−$39.6K −$15.01/SF
NOI
$92.5K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,849,140
Cap Rate 7%
$1,320,814
Cap Rate 9%
$1,027,300
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,457 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,596 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$2.19M
$1.91M – $2.55M
NOI $153,014 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,829
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate three-bedroom apartments have individual entrances and gas and electric meters.
Where is this duplex located?
The property is located at 217 88th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms; approximately 2,640 square feet across the main levels; 25‑by‑100‑foot lot with a 20‑by‑66‑foot building; R3‑2 zoning; Separate apartment entrances and separate gas and electric meters
